INVESTOR PRESENTATION

Sydney RoadshowMay 2019

ASX:BEMACN: 610168191

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DISCLAIMERThis presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in that jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in that jurisdiction.This presentation does not constitute financial product advice and has been prepared without taking into account the recipients’ investment objectives, financial circumstances or particular needs, and the opinions and recommendations in this presentation are not intended to represent recommendations toparticular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include, among others, the risk of adverse or unanticipated market, financial or political developments.Certain statements contained in this presentation, including information as to the future financial or operating performance of BlackEarth Minerals NL (‘‘the Company’) and its projects, are forward-looking statements. Such forward-looking statements are necessarily based on a number of estimates andassumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies, involve known and unknown risks and uncertainties that could cause actual events or results to differ materiallyfrom estimated or anticipated events or results reflected in such forward-looking statements, and may include, among other things, statements regarding targets, estimates and assumptions in respect of commodity prices, operating costs and results, capital expenditures, ore reserves and mineral resourcesand anticipated grades and recovery rates and are, or may be, based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.The Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’,‘will’, ‘schedule’ and other, similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and,accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements;exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third-party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental regulation and liability; currency risks; effects ofinflation on results of operations; factors relating to title to properties; native title and Aboriginal heritage issues; dependence on key personnel, and share-price volatility. They also include unanticipated and unusual events, many of which it is beyond the Company’s ability to control or predict.Photographs in this presentation may not depict assets of the Company.

Cautionary Statement: The Exploration Targets reported herein are not JORC compliant Mineral Resources. The potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that furtherexploration work will result in the determination of a Mineral Resource.

COMPETENT PERSON’S STATEMENT

• The information contained in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Peter Langworthy, a member of The Australasian Institute of Mining and Metallurgy. Mr. Langworthy is an employee of OmniGeoX Pty Ltd which is a consultant toBlackEarth. Mr. Langworthy has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves.” Mr. Langworthy consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

• The information in this report that relates to the Exploration Target for the Maniry Graphite Project is extracted from the report entitled “Exploration Target Update” dated 14 August 2018 and is available to view on the Company’s website www.blackearthminerals.com.au . The Company confirms that itis not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materiallychanged. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

• The information in this report that relates to the Maiden Resource Estimation for Razafy at the Maniry Graphite Project is extracted from the report entitled “Update – Maiden Resource Estimation for Razafy at the Maniry Graphite Project” dated 14 August 2018 and is available to view on theCompany’s website ( www.blackearthminerals.com.au ). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning theestimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

• The information contained in this report that relates to Mineral Resources is based on information compiled by Ms. Annick Manfrino, Principal of Sigma Blue and Manager Geology of BlackEarth Minerals. Ms. Manfrino is a member of The Australian Institute of Geoscientists and has sufficient experiencethat is relevant to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Ms. Manfrinocompleted a site inspection and is the Competent Person for the resource estimation. Ms. Manfrino consents to the inclusion in this report of the matters based on her information in the form and context in which it appears.

• The information in this report that relates to the Maiden Resource Estimation for Haja at the Maniry Graphite Project is extracted from the report entitled “Update – Maiden Resource Estimation for Haja at the Maniry Graphite Project” dated 27 December 2018 and is available to view on the Company’swebsite (www.blackearthminerals.com.au ). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in therelevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

• The information in this document that relates to metallurgical test work results is based on information compiled and reviewed by Mr David Pass, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pass is an employee of BatteryLimits. Mr Pass has sufficient experience relevantto the mineralogy and type of deposit under consideration and the typical beneficiation thereof to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Passconsents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears

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CORPORATE SNAPSHOT

BlackEarth Minerals (ASX: BEM) is a mineral exploration

and development company, led by a team of career mining

experts, that have identified growing trends in graphite

demand, and targeted assets around the world rich in

specific types of high-value graphite.

ASX:BEM

*Includes 26.7M shares escrowed until Jan 2020

CAPITAL STRUCTURE

Number of Fully Paid Shares* 83.4m

Market Capitalisation (undiluted) $5.0m

Avg. Daily Trading Volume (1/1 – 30/4) 134,224

Share Price (10/05/19 ) $0.06

Number of Shareholders (31/03/2019) 1,572

Cash on Hand 30/04/2019 A$1.934 million

Directors & Management

Top 1034.0%

5.1%

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• Thorough understanding of geology, mineralogy & metallurgy

• Simple mining and processing to produce high value, high demand, coarseflake product, which is not competing with Chinese production

• Majority of the current resource sits on a 40 year mining lease

• Significant expansion potential at Maniry given BEM’s tenement position anddeclared Exploration Target

• Low capital expenditure requirement

• The current Project study outcomes highlight that the Maniry Project is arobust and financially attractive graphite project by global standards

Proposed Mine Layout

INVESTMENT CASE TECHNICAL VALUE

• BEM has commenced offtake discussions and product testwork in both Germany and USA, as part of the feasibility study

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INVESTMENT CASE MARKET VALUE

• The outlook for large flake high quality graphite remains highly positive for the next 10-15 years

• Madagascar is a positive jurisdiction with 100+ years of graphite history, recent mining transactions and developments, and the ability to finance projects

• BEM Board and management have significant experience in all the key areas to successfully deliver the Maniry Project, with significant “skin in the game”

• Comparable to its peers, BEM has a very low enterprise value based on stage of development, technical value and potential returns

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PROJECT FINANCIAL RETURN*

Project Life 10 Years

NPV @ 10% pre-tax US$ 103M

IRR pre-tax 42%

Project CAPEX Stage 1 US$ 41M (500ktpa ore)

Project CAPEX Stage 2 US$ 29M (1Mtpa ore)

Payback for Stages 1 & 2 3.7 years (Stage 1 - Only 2.7 years)

Annual graphite production Av 30ktpa (Stage 1 – Years 1-3)Av 60ktpa (Stage 2 – Years 4+)

Focus during Feasibility Study:Maximising basket price and feed gradeE.g. an increase in feed grade from 6.3% to 7.3%TGC results in a project NPV of US$152Mand an IRR of 55%

*Refer ASX Releases 30 January 2019

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GRAPHITE APPLICATIONS

Electric Vehicles• Bloomberg NEF estimates EVs would account for 28% of global new car sales by 2030, and 55% by 2040 with electric buses are

expected to dominate their market even more decisively, reaching 84% global share by 2030

• Graphite is a critical commodity for EVs, used in the anodes of lithium-ion batteries

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Sources: Benchmark Intelligence, Bloomberg NEF, Graphite Guide (Stockhead)

Construction – Expandable Graphite• Graphite is a key material in the expandable graphite market, which is widely used in the next generation of fire-retardant material

building materials.

• China is forecasted to require a total of 40Mtpa of fire-retardant building materials per year, and 5% of this product being made ofgraphite, this equates to 2 million tonnes of high quality large-flake graphite per year being consumed by the Chinese constructionindustry alone.

• To add context, it is estimated total global production of flake graphite in 2016 was approximately 860,000 tons with only a proportionof this material used to generate expandable graphite.

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GRAPHITE NEWS

Chinese suppliers have begun to acknowledge that new supplies from Mozambique and Madagascar are beginning to compete with Chinese suppliers with low cost and often higher quality feedstockBenchmark Mineral Intelligence May 2019

In 2018, China became a major flake graphite importer for the first time in a generation, with flake volumes over 60,000 for the year while experiencing a fall of 12% in graphite exports

In February 2019 China imported approximately 13,500 tonnes of flake graphite.

The Chinese government is encouraging trade with Africa by means of zero tariffs on imported goods Roskill April 2019

China’s needs more coarse high grade flake… Today!

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BlackEarth has recently appointed Eileen Hao, a graphite specialist with significant experience working inindustrial minerals, metals and applications, specialising on lithium-ion battery materials and graphite applications both in China and globally.

Source: Benchmark Mineral Intelligence

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MANIRY 2018 CHECKLIST

• Commenced diamond drilling (March ‘18)

• First Maniry (Razafy) assays released (May ‘18)

• Detailed mineralogy completed (July ‘18)

• Indicated & Inferred Resource announced (August ‘18)

• Exploration Target released (August ‘18)

• Definitive met test work commenced (September ‘18)

• Scoping Study commenced (September ‘18)

• Definitive metallurgical results reported (December ‘18)

• Haja Resource announced (December ‘18)

• Scoping Study completed (January ‘19)For

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Land Tenure

Geopolitics

Financial Return

People

Product

Infrastructure

Maniry Graphite Project

7 FACTORSFOR MINING SUCCESS

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GEOPOLITICS MADAGASCAR

• Open and transparent democratic elections held in late 2018

• The World Bank takes an active role in ongoing activities in the country. In March 2019, the World Bank announced:- USD$90M to strengthen the National Social Protection Programs

- USD$150M to increase access to electricity services- Their support for the Land Certification Program

• In February 2019, the new Government gave the ‘full go ahead’ with approval to develop the Molo Graphite Project – locatedapproximately 50km north of Maniry.

• Major global trading partners (export sales): China, US, France, Germany, Japan, Netherlands, UAE

• Resource companies active in Madagascar include: Rio Tinto, Sherritt, Base Resources and Total

$8 Billion Ambatovy Nickel and Cobalt Project, Kores

Rio Tinto $1B Mineral Sands Project

Fort Dauphin Shipping Port

Shipping Ports: Tulear & Soalara

WT Mineral Sands S200M (e)

Sherritt / GlencoreLimestone

MOLOGraphite Project

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FACT:Over 90% of graphite is produced from countries and regions considered “riskier” than Madagascar

Ontario

Quebec

Madagascar

Tanzania*

Pakistan

Russia

India

China

Mozambique*

Brazil

MADAGASCAR

Oman `

42

46

47

50

51

53

67

79

84

RISK SCORE = 67

*Exploration Hotspots

INVESTMENT RISK INDEX

“Low to Moderate Risk”

59

50

GEOPOLITICS MADAGASCAR

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Source: 2018 Mining Journal World Risk Report

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40 YEAR MINING LEASE• The Maniry Graphite Project contains the Razafy

Resource, which predominantly sits on the 40 yeargranted Mining Lease, PE/5394 (expires 19/11/2042– with an option to extend)

• Previous exploration indicates that the Razafy prospect is open withinthe existing Mining Lease to the north west and potentially via lensrepetition to the east

• In 2019/20, BEM intends to convert its remaining Exploration Licencesto Mining Licences

• This provides BEM with a LOM of > 8 years just onresources located on its granted Mining Licences; > 20years on total Resources at Maniry. Possibly further to this,an Exploration Target exists of 280-350Mt at 6-8%TGC

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• The financial model was built only on the Razafy Indicated Resource

• The results reflect a thorough approach and understanding derived from extensive sampling & assaying, XRF, XRD and optical petrographics

• 34 large-scale zones of outcropping graphite schist exist over an area of 7km x 3km

• Exploration Target* of 260-380Mt at 6-8%TGC; significant upside

9MT @ 5.8% TGC

THE MANIRY RESOURCE

* Refer to ASX announcement 14 August 2018

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RESOURCEHIGH GRADE UPGRADE

Recent trenching northwest of the Razafy Resource included:

Follow up drilling to Indicated Resource is planned over the next 12 months for possible high grade early mine feed.

• 56.0m @ 9.89% TGC, Incl. 48.0m @ 10.22% and 6.0m @ 15.10% (MNT041)

• 36.0m @ 8.07% TGC Incl. 12.0m @ 13.32% and 6.0m @ 19.43% (MNT041a)

• 26.0m @ 7.91% TGC (MNT043)

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MINING

• Soft to medium ore hardness

• Dilution factored into ore feed grade / financial model

• Ore / waste contact well defined

• Simple mine plan focused on early high grade and low waste movement to maximise financial return

• Waste : Ore Ratio = 0.5:1 (Years 1-3) 0.9:1 (LOM)

• Contract mining assumed – available low cost groups in Madagascar

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PROCESS

• Simple and well proven technology

• Soft to medium ore hardness

• Low abrasion index

• Experienced operators available

• Consistent metallurgy along strike and at depth predictability

• Very low sulphide content

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Water• Numerous wells (6-60 metres deep) already exist in

the immediate area – all were quality tested and aresuitable for processing ore; ALS test work included theuse of site water

• A nearby closed quarry in the area also containssignificant water which was used during the drillingcampaign in 2018

• Estimated annual rainfall 1020mm

Power• Total installed power for Stage 1 is 4MW

• It is planned to use diesel fired generators, dieselpotentially sourced from either Ampanihy (30km) orfrom the ports of either Toliara or d’Ehoala (FortDauphin)

INFRASTRUCTURE WATER & POWER

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• The Port d’Ehoala was built by Rio Tinto under apublic-private-partnership with the Government andcompleted in 2009

• It was built to export mineral sands product butremains open to the public being only approximately45-50% utilised

• The port is managed independently by StrangEngineered Logistics; a subsidiary of Australian portoperator – Patrick Terminals

• The port has a secure container storage area neededby BEM and has a 15m draft capable of berthing up topanamax sized cargo vessels

INFRASTRUCTURE PORT

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2 x Ship Quay / Wharf15 Metre Draft

Rio Tinto Storage Areas

Weighbridge & Container laydown area

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MAJOR DEVELOPMENT TARGETS

• Complete the Bankable Feasibility Study (12 months)

• Product testing (battery and expandable) (6 months)

• Offtake arrangements (4-6 months during feasibility)

• Project finance (6 months 2019-20)

• Construction – modular EPC (2020-21)

• Commissioning & first production (2021)

• Further exploration successes - ongoing

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KEY PEOPLE

PositionExperience(Years)

Graphite Madagascar AfricaProject Development

Corporate Commercial

Offtake Agreement

Phil Hearse Chairman 40

Tom Revy Managing Director 35

George Bauk Non-Exec Director 25

Tracy Harris Financial Controller 20

Peter Langford Competent Person 30

Eileen Hao General Manager China 25

Annick Manfrino Manager Geology 35

Jean Luc Marquetoux

Country Manager 30

BEM has 10 staff in Antananarivo, Madagascar who are all Madagascar residents and include the Country Manager, technical staff, administration (incl. HR, accounting) and community liaison. Tom Revy remains the only fulltime staff member in Australia; 80-90% of expenditure goes into Madagascar / Maniry Project

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PRODUCT LARGE FLAKE GRAPHITE

Flake Size (microns) Mesh

Master Composite

Mass (%) TGC (%)

Super Jumbo >500 38 2.8 95.8

Jumbo 300 - 500 50 - 38 17.3 96.1

Large 180 - 300 80 - 50 29.8 95.6

Medium 150 - 180 100 - 80 9.1 95.0

Small 75 - 150 200 - 100 23.6 96.8

Fine <75 -100 17.4 96.1

Final Concentrate Size and Grade Distribution

50%

High value product

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THANK YOU

Tom RevyManaging DirectorLevel 1, 675 Murray StWest Perth, WA, Australiatom.revy@blackearthminerals.com.au Cell phone: + 61 (0) 411 475 376

Eileen HaoChina General Manager and Chief RepresentativeRoom 3311, Huali International Building,No. 67 Zhujiang Road, Nanjing, Chinaeileen.hao@blackearthminerals.com.auCell phone: +86 139 015 96450

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